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Sep 30, 2022
Primoris Q3 2022 Earnings Report
Primoris reported strong revenue growth and a record backlog, driven by the Utilities and Energy/Renewables segments, including contributions from the PLH acquisition. Net income and adjusted EPS were delivered with updated EPS guidance.
Key Takeaways
Primoris Services Corporation reported a 40.6% increase in revenue to $1,284.1 million, driven by growth in the Utilities and Energy/Renewables segments and contributions from the PLH acquisition. Net income was $43.0 million, or $0.80 per diluted share, and adjusted net income was $60.4 million, or $1.12 per diluted share. The company's backlog increased to a record $5.5 billion.
Revenue increased by 40.6% year-over-year, reaching $1,284.1 million, driven by strong growth in the Utilities and Energy/Renewables segments, including $155.7 million from the PLH acquisition.
Net income was $43.0 million, or $0.80 per diluted share, and adjusted net income was $60.4 million, or $1.12 per diluted share.
Adjusted EBITDA reached $109.0 million.
Backlog increased to a record $5.5 billion, up 99.8% from the third quarter of 2021, including Master Service Agreements (MSA) backlog of $2.1 billion.
Forward Guidance
The Company estimates that its EPS for the year ending December 31, 2022, will range between $2.31 and $2.51 and is maintaining its Adjusted EPS estimate for the year ending December 31, 2022, in the range of $2.39 to $2.59 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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